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EghtesadOnline: The number of bank branches per capita increased by 42% over the 15-year period in the Iranian year ending March 20, 2017, according to the latest figures published by the Statistical Center of Iran.

There was one bank branch for every 3,413 Iranians in 2002, which ratio increased to 3,963 people per branch 15 years later, when 421,380 branches were operating in the bloated banking sector, IBENA reported on Monday.

President Hassan Rouhani has criticized Iranian banks for having too many physical branches, which do not help in terms of efficiency.

However, some banking experts maintain that a comparison with foreign lenders shows Iranian banks, contrary to the common perception, have fewer branches than their global peers, according to Financial Tribune.

 

Statistical Center of Iran Iran banking sector Iran Bank Branches